Addressing the privacy paradox
79% of European consumers regardless of age are worried about sharing their data. Yet 80% want more personalised experiences. This is the privacy paradox. We want the best of both worlds and organisations need to get the balance right.
To help businesses navigate the privacy paradox, we focus on three GDPR principles:
- Processing people’s data lawfully, fairly and in a transparent manner.
This is the ‘creepy’ principle, if you can’t clearly explain to your grandmother why you need to process her data without it sounding creepy, it probably is, and it shouldn’t be done!
- Data needs to be collected for specified, explicit and legitimate purposes.
- Accountability. Organisations now need to prove they are complying with regulations
A perfect storm is brewing. As a direct consequence of the pandemic, consumers are demanding a privacy first approach. Gartner have highlighted Privacy is becoming a reason for consumers to purchase a product, in the same way that “organic,” “free trade” and “cruelty-free” labels have driven products sales in the past decade. Regulators are demanding a privacy first approach too.
While GDPR-related fines are a real consequence of mishandling data, the associated reputation damage often comes at a higher price. This is why organisations need to put mechanisms in place that address the privacy paradox now.